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Home Buying in Maryland City : Real Estate Advice

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  • Local Info0
  • Home Buying4
  • Home Selling1
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Activity 4
Thu Jul 15, 2010
Voices Member answered:
News Flash.... "things have stopped getting worse, and they stopped getting worse a year ago"
http://politicsandsociety.usc.edu/2010/07/real-estate-recovery.html

How could I have been so wrong? Well nice talkin to everyone but guess any more discussion about Market Stability is moot now... ... more
0 votes 19 answers Share Flag
Wed Jul 14, 2010
answered:
Vanessa,

Great question and I am surprised how few ask when shopping for a mortgage. What I am about to type are general guidelines of most lenders, some always have quirks. A score over 740 generally gets you the best interest rate. There are possible rate increases for every 20 points it drops. They are referred to as "hits" in our business. If you have a 700 score you might not get the same rate as if you have a 740. Most banks won't even give the loan if you are under a 620 score. To best determine the rate you deserve you should shop a few lenders who know the MD market very well. I would ask if they can provide you with the score and a copy of the credit report. Remember that interest rate is not driven alone by credit score. Is it a purchase, a condo, how much equity, your planned timeline and more goes into determining a final rate. Shop the rate though is my advice and ask if points are being charged also. If two or three lenders all tell you about the same rate and one comes in much lower it's because he or she is charging points most likely. Nothing wrong with that but it's not a true apples to apples comparison. I give clients quotes with and without points and explain the pros and cons of each. Follow these simple rules and trust but verify the information and you should be OK. Please let me know if I can help in any way. ... more
1 vote 6 answers Share Flag
Wed Jul 14, 2010
Dp2 answered:
Certifications are nice, but they're not necessary. A good short sales negotiator needs to be persistent, and s/he needs to be concise and precise when handling the short-sale package. Short-sale negotiations isn't for everyone. Although I know how to do them, and I'll do them from time to time, they're not my primary focus. In fact, I prefer short-paper to short-sales, because they're cleaner and quicker. ... more
0 votes 6 answers Share Flag
Tue Jul 13, 2010
Voices Member answered:
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